Private lender HDFC Bank on Saturday reported an 18% jump in standalone net profit at Rs 10,342 crore for the quarter ending December 31, 2021. The bank reported net profit of Rs 8,758 crore in the year-ago period.
The bank’s net revenues, the sum of NII and other income, increased by 12% to Rs 26,627 crore as against Rs 23,760.8 crore in Q3FY21.
Net interest income, the difference between interest earned and interest expended, grew by 13% to Rs 18,443.5 crore as compared to Rs 16,317.6 crore in December 2020.
On Friday, HDFC Bank’s scrip on BSE closed 1% higher at Rs 1,545.
The bank’s provisions fell 12% to Rs 2,994 crore as compared to Rs 3,414 crore in December 2020.
Total income, on a standalone basis, rose to Rs 40,651.60 crore in the October-December quarter of FY2021-22, as against Rs 37,522.92 crore in the same period of the previous financial year, HDFC Bank said in a regulatory filing.
However, there was a rise in bank’s bad loan proportion with gross non-performing assets (NPAs) rising to 1.26% of gross advances as of December 30, 2021, as against 0.81% in the year-ago period. However, it was down sequentially from 1.35% by the end of September 2021.
Net NPAs or bad loans too rose to 0.37% year on year from 0.09%, but down from September 2021 quarter’s 0.40% sequentially.